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Reports Singapore

Singapore stock market and companies daily report (CapitaLand, Innopac, Keppel Land) (July 08, 2014)

July 8, 2014, Tuesday, 04:25 GMT | 23:25 EST | 07:55 IST | 10:25 SGT
Contributed by Shares Investment

CapitaLand’s serviced residence business unit, The Ascott (Ascott), has inked deals to manage two more serviced residences in Jeddah, Saudi Arabia. The two residences, Citadines Sari Jeddah and Somerset Corniche Jeddah are expected to open in 2015 and 2016 respectively and will strengthen Ascott’s portfolio in Saudi Arabia to nearly 700 apartments across five serviced residences.

Innopac Holdings has reported a 97.4 percent year-on-year decrease in revenue to $125,000 in 1Q14. The sharp drop in turnover was due to the lack of significant sales of marketable securities as compared to 1Q13. Coupled with an unrealised loss of $2.4 million from the company’s investment trading activities and $0.6 million from investment in derivatives receivables, partially offset by an unrealised fair value gain of $1.1 million from derivatives receivables, the company slipped into the red with net loss of $2.5 million in 1Q14.

Keppel Land’s wholly-owned subsidiary, Keppel Land Estate, has entered into a deal to acquire an additional 43 percent stake in The Estella phases 2 and 3 held by its Vietnamese partner, Tien Phuoc, in the Estella joint venture company for VND243.9 billion (US$11.5 million), increasing its stake to 98 percent upon completion. The Estella is a residential development in the popular An Phu Ward, District 2, Ho Chi Minh City with phase 2 targeted for launch in early 2015.

Tat Hong Holdings’ entity, Tutt Bryant Group (TBG) has agreed to the sale and leaseback of five properties in Australia to TransLinQ Income for A$30 million ($35.1 million). The move will help monetise TBG’s properties to redeploy the proceeds to be used in reducing TBG’s bank borrowings which will result in interest cost savings of approximately A$1.7 million ($2 million) per annum, assuming that all the proceeds are used to repay bank borrowings. TBG will lease the properties from TransLinQ for 10 years at approximately A$2.5 million ($2.9 million) per annum.

Wee Hur Holdings’ unit, Wee Hur Development has been awarded the land parcel at Lot No. 6042W of Mukim No. 13 at Woodlands Avenue 12 by the urban land development authority at the tendered sale price of $76.9 million. The term of lease of the land parcel is 30 years.